Who Can Cosign For A Home Loan

Who qualifies to co-sign for a mortgage loan?

In many cases, the mortgage co-signer is the spouse of the primary applicant, but virtually anyone with a sufficient income may qualify to co-sign for a mortgage loan.

What is it called when you co sign on a mortgage?

This practice is called co-signing, and is available on a variety of loans, including mortgages. Related: Can you afford a one million dollar home? What is co-signing a mortgage? When you co-sign a mortgage, you’re promising to pay the monthly mortgage payments if the primary borrower can’t.

Can a co-signer sign for a family member?

Co-signing a mortgage is a big risk for the co-signer, so it mostly happens between family members. For instance, parents might co-sign for their children, adult children can co-sign for retired parents, or siblings may co-sign for each other. When would a mortgage applicant need a co-signer?

What are the risks of co-signing a mortgage?

You essentially become the co-borrower, and you take on partial responsibility for the mortgage. Co-signing a mortgage is a big risk for the co-signer, so it mostly happens between family members. For instance, parents might co-sign for their children, adult children can co-sign for retired parents, or siblings may co-sign for each other.

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